(Reuters) – Tesla chair Robyn Denholm has sold about $33.7 million in the electric vehicle maker’s stock, a filing with the Securities and Exchange Commission showed on Monday. Denholm, who has been Tesla’s board chair since November 2018, sold 112,390 securities in the automaker, according to the filing. She also sold the same number of […]
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Tesla chair Robyn Denholm sells $33 million in stock
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(Reuters) – Tesla chair Robyn Denholm has sold about $33.7 million in the electric vehicle maker’s stock, a filing with the Securities and Exchange Commission showed on Monday.
Denholm, who has been Tesla’s board chair since November 2018, sold 112,390 securities in the automaker, according to the filing. She also sold the same number of securities last month for gross proceeds of about $43.2 million.
Earlier this year, Denholm, alongside other Tesla directors, received court approval for a settlement worth up to $919 million that requires they return compensation to resolve allegations they overpaid themselves.
The suit challenged director compensation at the automaker as excessive from 2017 to 2020 over the period of which Tesla surged, leading stock options received by directors to become worth hundreds of millions.
Denholm had previously testified in Musk’s $56 billion pay package case that her board tenure at Tesla netted her around $280 million.
Tesla’s board, which includes CEO Elon Musk’s brother Kimbal Musk, has repeatedly come under fire for its close ties with the billionaire.
Musk has grown influential in U.S. politics, with President Donald Trump naming him head of the Department of Government Efficiency, putting him in charge of rooting out what the White House calls wasteful spending as part of a dramatic overhaul of the government that has included thousands of job cuts.
Tesla’s stock has fallen about 13% since the November 5 elections.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Rashmi Aich)